Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 5.1bn, rose 12.0bn compared with the same period last year. Key positives came from higher gross profit and lower finance costs. Offsetting pressure came mainly from lower financial income and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 68.19x
- P/B
- 0.59x
- EPS
- 72
- BVPS
- 8,337
- ROE
- 0.9%
- ROA
- 0.5%
- Market price
- 4,900 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, RIC has not accelerated revenue sharply, but profitability is improving visibly — this marks a reversal from the difficult phase before. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.
Profit bridge
Vs last year · TTM
- Gross profit
- Finance costs
- Financial income
- Selling expenses
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 2/2026
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 32.8 | 44.0 | 46.2 | 34.3 | 46.9 | 29.1 | 32.6 | 35.8 |
| LNST | -9.1 | 7.4 | 8.1 | -1.3 | 10.0 | -9.4 | -5.7 | -1.9 |
| Net margin | -27.70% | 16.74% | 17.54% | -3.87% | 21.34% | -32.12% | -17.57% | -5.29% |
Revenue
33bnNet income
-9bnNet margin
-27.70%Inside the statements
A closer look at what is happening inside the business
A company's statements are read with the questions that fit its type of business.
Is the profit sustainable?
Margins are improving and earnings quality is solid — a durable foundation for ROE.
Revenue Growth
▲Is growth real and durable?
Trailing-12-month revenue grew 8.9% year on year — but the quarterly pace is slowing (+5% → −30%).
2 of the last 3 quarters grew year on year.
- Revenue TTM
- 157bn +8.9%
- Latest quarter YoY
- −30% slowing
What is driving the margin?
▲▲Net margin expanded to 3.22%, rising 8.0pp. The main driver is Gross margin rose 13.0pp and SG&A / Revenue fell 1.2pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 0.4pp added support while Net financial result / Revenue fell 6.6pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 3.22% +8.0pp
- Gross Margin
- 36.31% +13.0pp
- SG&A / Revenue
- 21.90% −1.2pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▲▲Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 51.9bn against investing cash flow of -1.9bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +50.1bn. Financing cash flow was negative +46.1bn.
CFO / net income was 7,07 lần.
After spending +9.7bn on fixed-asset investment, the business generated trailing free cash flow of +26.0bn.
Earnings Quality
▲How much income is non-core?
About 93% of pre-tax profit comes from core operations.
Within that, net financial result at −354.9%, other profit at +6.8% of PBT.
- Non-core / PBT
- 6.8% low
- Net financial / PBT
- −354.9%
- Other profit / PBT
- 6.8%
Is capital being used efficiently?
Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 7.7 days versus the same period last year. The main moves came from DIO fell 3.0 days, DSO fell 1.4 days, and DPO rose 3.2 days.
All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.
DuPont
What drives ROE?
ROE rose from −1.2% to 0.9% — all three components improved.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 0.21x and interest coverage only at 0.21x.
At present, short-term debt accounts for 36.9% of total debt, cash equals 28.2% of debt, and total debt stands at 171.5bn.
- Net Debt / Equity
- 0.21x −0.05x
- Interest Coverage
- 0.21x +0.49x
- Cash / Debt
- 28.2% +10.4pp
- Short-term Debt / Total Debt
- 36.9% +7.2pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is 0.21x, leaving limited room to absorb financing costs.
Balance Sheet
▲Capital structure is conservative with low leverage — liabilities at 0.59x equity, net debt at 0.21x equity.
None
Over the last 12 months, working capital absorbed 12.5bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables and lower inventories.
In summary
Research synthesis
What this reporting period is showing
The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 8.0 pp. The next item to monitor is capital efficiency. The main risk still sits in leverage and liquidity, with interest coverage at 0.21x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 3.22% after expanding 8.0pp versus the same period last year.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.21x.
What to verify next
Questions for the next period
Whether revenue sustains its +8,9% YoY pace or begins to slow.
Whether margins hold around the current 3.22% level or narrow again.
Whether operating cash flow holds its 51.9bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
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Its weight and influence across the assets held for investment.
Is the portfolio
well balanced?
How holdings, sectors and asset groups are distributed in relation to overall risk.
What other opportunities
or risks may be present?
What becomes visible only when investments are viewed together rather than one ticker at a time.